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Dec 7, 2012
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lawmakers have to resolve three issues -- first, the fiscal cliff. second, raising the treasury debt ceiling, which as you know is becoming an issue rarely soon. -- an issue fairly soon. third, achieving long-term fiscal sustainability. that is deficit reduction and tax increases and spending cuts that allow the gdp ratio to stabilize by the end of the decade. these three things need to be done now. in terms of the fiscal cliff, if policy is unchanged and we go over the cliff and there is still no change after that, the gdp in 2013 will 3.5 percentage points. subtract that and that is a severe recession. cbo and others are probably us are underestimating how severe that will be because confidence is very weak. it is unclear how the reserve would response to this. we need to scale back from the cliff. at the very minimum, the cliff needs to be scaled back so it is only a hit to gdp at 1.5 percentage points at most. if you have more of a drive than that, it it becomes it. -- if you have more vague d rag than that, it becomes unsustainable. the economy
lawmakers have to resolve three issues -- first, the fiscal cliff. second, raising the treasury debt ceiling, which as you know is becoming an issue rarely soon. -- an issue fairly soon. third, achieving long-term fiscal sustainability. that is deficit reduction and tax increases and spending cuts that allow the gdp ratio to stabilize by the end of the decade. these three things need to be done now. in terms of the fiscal cliff, if policy is unchanged and we go over the cliff and there is still...
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Nov 30, 2012
11/12
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. >> beware, there's a fiscal cliff ahead, but there's still no plan from the president on how to cut spending. >> made a mistake, but i didn't. almost 18, almost 20 years ago. >> a former democratic representative who was convicted of having sex with an underage girl says he's back, and he's running for congress. all of that, plus a shocking new report that gitmo detainees may be coming to america. "hannity" starts right here, right now. new troubles for u.n. ambassador susan rice this as questions surface about her time at the state department when al-qaeda bombed two african embassies in the late '90s, and how the situation parallels what happened prior to the terror attack in benghazi that left four americans dead. yesterday republican senator susan collins met with ambassador rice for 90 minutes, and after the closed-door meeting the senator questioned rice's role at the state department back in 1998 when she served as the assistant secretary of state for african affairs in the clinton administration. watch this. >> those bombings in 1998 resulted in the loss of life of 12 americ
. >> beware, there's a fiscal cliff ahead, but there's still no plan from the president on how to cut spending. >> made a mistake, but i didn't. almost 18, almost 20 years ago. >> a former democratic representative who was convicted of having sex with an underage girl says he's back, and he's running for congress. all of that, plus a shocking new report that gitmo detainees may be coming to america. "hannity" starts right here, right now. new troubles for u.n....
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Dec 6, 2012
12/12
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i have two questions concerning the fiscal cliff. the cash cuts that republicans -- the spending cuts on medicare. why don't we allow them to negotiate medicare and to reduce the cost of medicine? that should save you a lot of money yearly. i agree totally about the republicans and democrats spending money stupidly just before the election. both sides voted to refurbish something like 170 army tanks that the army said they'd do not need. they went and voted to repair those tanks. why are we wasting our money? democrats want to cut taxes. host: armstrong williams? guest: we haven't gotten to affordable care and medicare and medicaid. if affordable care was administered correctly and if he did not have the special interest groups and if tort reform was not included, package you move forward in making health care work for anyone if you do not bring tort reform to the table? the medical malpractice lawsuits are out of control where doctors are paranoid and have to think twice before going through these procedures. it becomes a nightmare
i have two questions concerning the fiscal cliff. the cash cuts that republicans -- the spending cuts on medicare. why don't we allow them to negotiate medicare and to reduce the cost of medicine? that should save you a lot of money yearly. i agree totally about the republicans and democrats spending money stupidly just before the election. both sides voted to refurbish something like 170 army tanks that the army said they'd do not need. they went and voted to repair those tanks. why are we...
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Dec 6, 2012
12/12
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i'm going to tell you what others won't about the fiscal cliff. the head of starbucks said it will damage the u.s.'s reputation and shenanigans from capitol hill and with a cool 500 bucks to spend, should you use them now for a share in apple? apple says it will build some of the iconic mac computers in the u.s. listen to what apple ceo tim cook said to nbc's brian williams. >> so we've been working for years on doing more and more in the united states. next year, we will do one of our existing mac lines in the united states. >> but apple stock has been singing the blues for a few months. plummeted 25% off the all-high and a beating this week. 6.5% lower yesterday. apple up more than a percent today. kurndly around $544 a share. is now a good time to get in. you're all asking me. i'm asking katie stockton in connecticut. katie, is apple stock down off its high a phenomenally successful stock to hold for so many investors and showing the chart again. you look at technical trading patterns in the stock. do they tell you it's time to buy, sell or hol
i'm going to tell you what others won't about the fiscal cliff. the head of starbucks said it will damage the u.s.'s reputation and shenanigans from capitol hill and with a cool 500 bucks to spend, should you use them now for a share in apple? apple says it will build some of the iconic mac computers in the u.s. listen to what apple ceo tim cook said to nbc's brian williams. >> so we've been working for years on doing more and more in the united states. next year, we will do one of our...
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Nov 30, 2012
11/12
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tracy: stimulus spending will help the fiscal cliff. our first guest just finished up a mead meeting with senate minority leader mitch mcconnell. gerry seib is "wall street journal" washington bureau chief. we're dying to know what he said? what did he say? >> he said several things and we have story on the website that summarizes all of this. first of all his reaction to the geithner proposal today was to laugh at it. comical and essentially a nonstarter. in his view the ball remains in the president's court. that is what you would expect. secondly he said nothing better is going on in private. it is not as if there is some quiet talks going on he said, that have a better tone than what we've been hearing the last 48 hours. thirdly, really intriguingly, here is what we're looking for from the white house on entitlements, on steps to rein in spending on entitlement programs. republicans have been saying we're waiting for something to happen on spending so that we can then maybe have a more meaningful conversation on revenues on the othe
tracy: stimulus spending will help the fiscal cliff. our first guest just finished up a mead meeting with senate minority leader mitch mcconnell. gerry seib is "wall street journal" washington bureau chief. we're dying to know what he said? what did he say? >> he said several things and we have story on the website that summarizes all of this. first of all his reaction to the geithner proposal today was to laugh at it. comical and essentially a nonstarter. in his view the ball...
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Nov 30, 2012
11/12
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i think this is the first of many fiscal cliffs to come, if you will, much like debt ceilings of the 1980s. i think most investors have already done what they need to do for the fiscal cliff. it is called diversification. beyond that, i think they should focus more on what's going to be left after the cliff -- >> where can you hide? where can you diversify away from the fiscal cliff in minibonds? that's boring! >> well, i think you're sufficiently diversified. everyone should own a little bit of everything, stocks, bonds, commodities, overseas markets as well as domestic and real estate. and that's good enough. but i think if you do much more than that in anticipation of this, i think you're going to do yourself a disservice. i think it is better to focus on what we're going to return to very quickly after the end of this month or maybe a couple weeks into january and that's the fundamentals on the ground. they to me are looking better and better. >> you're a rich, successful guy. you're probably the mayor of minneapolis de facto. right? you got gold bars stashed in your garage out b
i think this is the first of many fiscal cliffs to come, if you will, much like debt ceilings of the 1980s. i think most investors have already done what they need to do for the fiscal cliff. it is called diversification. beyond that, i think they should focus more on what's going to be left after the cliff -- >> where can you hide? where can you diversify away from the fiscal cliff in minibonds? that's boring! >> well, i think you're sufficiently diversified. everyone should own a...
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Nov 30, 2012
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next on the rundown the president's offer to avoid going over the fiscal cliff tax and spend. what about any kind of cuts? we're live in washington coming up next. >> brian: so disappointing. then the circus is overment big update in the story of zebra and his pony pal who ran through the streets of new york city. >> gretchen: do you know what happened? >> brian: i do know what happened. and it's got me well n a tizzy. >> gretchen: really? >> brian: yes [ male announcer ] this december, remember -- you can stay in and share something... or you can get out there and actually share something. ♪ ♪ the lexus december to remember sales event is on. this is the pursuit of perfection. it's my favorite time of year again and now -- i got a great new way to get deals. it's called bankamerideals, from bank of america. i choose the cash back deals in my mobile or online banking. i just use my bank of america debit or credit card when i pay. and i get as much as 15% cash back -- put into my account. this is on top of other rewards and discounts i already get. best of all -- it's free.
next on the rundown the president's offer to avoid going over the fiscal cliff tax and spend. what about any kind of cuts? we're live in washington coming up next. >> brian: so disappointing. then the circus is overment big update in the story of zebra and his pony pal who ran through the streets of new york city. >> gretchen: do you know what happened? >> brian: i do know what happened. and it's got me well n a tizzy. >> gretchen: really? >> brian: yes [ male...
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Nov 29, 2012
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cliff. take a listen. >> everybody's taxes are scheduled to go up. and unless we fix that, paradoxically president obama becomes the defender of the bush tax cut for 98% of the people and he is he no such thing. >> bottom line is both sides are still laying out the same ideas they have been doing for weeks now. today irskin bowls one of the key budget experts says he believes there is a two thirds chance that he wool go off the fiscal cliff. that's not too optimistic tonight, shep. >> shepard: not at all. ed henry live on the north lawn. the president is sending one of his top negotiators to capitol hill tomorrow to meet with congressional leaders from both parties. mike emanuel is live for that part. is he live on the hill tonight. what's the latest on the talks. >> there is always hope for tomorrow that's when treasury secretary tim geithner come up here to capitol hill to have individual meetings with the top four lawmakers. one of them nancy pelosi, the house democratic leader who was as
cliff. take a listen. >> everybody's taxes are scheduled to go up. and unless we fix that, paradoxically president obama becomes the defender of the bush tax cut for 98% of the people and he is he no such thing. >> bottom line is both sides are still laying out the same ideas they have been doing for weeks now. today irskin bowls one of the key budget experts says he believes there is a two thirds chance that he wool go off the fiscal cliff. that's not too optimistic tonight, shep....
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Nov 30, 2012
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. >>> if we go over the fiscal cliff, global business travel association estimates that u.s. biz travel spending will take a $20 billion hit in the short term. but how about the long term outlook? find out next. [ male announcer ] you are a business pro. governor of getting it done. you know how to dance... with a deadline. and you...rent from national. because only national lets you choose any car in the aisle... and go. you can even take a full-size or above, and still pay the mid-size price. this is awesome. [ male announcer ] yes, it is, business pro. yes, it is. go national. go like a pro. >>> what are the long term effects for business travel if the economy falls off the fiscal cliff? the gbta predicts the reduced deficits and lower interest rates will lead to growth in the economy and an increase in business travel spending. >>> welcome back. now to the weather channel. reynolds wolf is standing by. what is happening around the country today? >> the story is all west. everything is taking place out west. rain, some strong winds, even some snow. some places snow getting
. >>> if we go over the fiscal cliff, global business travel association estimates that u.s. biz travel spending will take a $20 billion hit in the short term. but how about the long term outlook? find out next. [ male announcer ] you are a business pro. governor of getting it done. you know how to dance... with a deadline. and you...rent from national. because only national lets you choose any car in the aisle... and go. you can even take a full-size or above, and still pay the...
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Dec 7, 2012
12/12
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that's part of the reason we want to avoid the fiscal cliff. it's actually too much deficit reduck sln too quickly in the wrong parts of the budget. you want a more thoughtful, thought out plan. on your point about the debt ceiling, we what we need is to have certainty, know where we're headed. not have multiple showdowns but the debt ceiling is only going to be increased significantly if it goes hand in hand with a big enough deal which has real changes in the budget. so the best thing we could do is put in place a balanced plan deals with all parts of the budget and really provides the kind of sense of security that households, small businesses, everybody needs to know so we can start planning for the economy and hopefully getting things growing back again. one of the things you see is that when your debt levels are as high as they are, in this country right now, that's a tamp on economic growth and can harm growth. that's the point we're at. we know that part of a growth strategy will have to be getting control of these deficits and debt and
that's part of the reason we want to avoid the fiscal cliff. it's actually too much deficit reduck sln too quickly in the wrong parts of the budget. you want a more thoughtful, thought out plan. on your point about the debt ceiling, we what we need is to have certainty, know where we're headed. not have multiple showdowns but the debt ceiling is only going to be increased significantly if it goes hand in hand with a big enough deal which has real changes in the budget. so the best thing we...
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Dec 5, 2012
12/12
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period well before the fiscal cliff concerns became center stage. i think those economic detier a's, components probably lead to reduced employment, and reduced consumers spending starting in the first quarter. this is an economic deterioration, probably amplified by the policy concerns, but nonetheless that has occurred, and is forcing our earnings numbers lower. we're now at 10 as a good example. >> you've managed to make adam parker look like a bull. you're looking for 1390 in the s&p for next year. he had 1167, but he's looking to 1434. >> so far, i think there are a number of folks that have yet to come out, but unfortunately we have to live with that status for a while. quite frankly investors are not being paid a ton. we start to rebound -- we'll have to get more optimistic. >>> good to talk with you as always. >> thanks for having me. >> see you soon. >>> what's going on with this rally? up 125 on the dow. so the kind of stocks that are moving today? >> i think it's really important to keep in mind so much of this year, when they write the t
period well before the fiscal cliff concerns became center stage. i think those economic detier a's, components probably lead to reduced employment, and reduced consumers spending starting in the first quarter. this is an economic deterioration, probably amplified by the policy concerns, but nonetheless that has occurred, and is forcing our earnings numbers lower. we're now at 10 as a good example. >> you've managed to make adam parker look like a bull. you're looking for 1390 in the...
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Dec 7, 2012
12/12
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it's one of the reasons why the fiscal cliff could be as bad for the economy. if state and local governments are continue to cut back or not spend, still hoarding catchsh and consumers aren't spending ex is for a new iphone the one positive input to the gdp right now, maybe not in six months but right now, the one positive input is the fed recall government. if the federal government through the fiscal cliff is going to withdraw $600,000,000,000, which is what the live would do, it will throw us back into a recession. >> that's just what we don't need now. >> bill: i was going to ask you and i think you are getting to it already is what now does president -- two things: what does president obama say he will have an opportunity somewhere today, what does he say about these numbers? two, can he use these numbers to bolster his case for a deal on the fiscal cliff? >> the answer first of all, f they were to dahl me i would say don't take a victory lap because it's 7.7% unemployment. if you are under employed or you have stopped looking or don't have a job at all, y
it's one of the reasons why the fiscal cliff could be as bad for the economy. if state and local governments are continue to cut back or not spend, still hoarding catchsh and consumers aren't spending ex is for a new iphone the one positive input to the gdp right now, maybe not in six months but right now, the one positive input is the fed recall government. if the federal government through the fiscal cliff is going to withdraw $600,000,000,000, which is what the live would do, it will throw...
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Dec 3, 2012
12/12
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well, the whole fiscal cliff fight is supposed to be about cutting our ballooning debts. so why is the president not proposing a quarter trillion dollars in new spending? the question is also up next. plus, lindsey graham not missing words about the possibility of closing this prison camp and moving the prisoners here is michelle malcolm joins me live to discuss why he might not get his wish. and a desperate search effort. see why the young girl's mother is the prime suspect in removing her from the hospital. >> we were seeing them by the front entrance. and they walked into the bathroom. they disconnected her from her id and just walked up the front door and got into the car. [ male announcer ] if you're eligible for medicare, now is a good time to think about your options. are you looking for a plan that really meets your needs and your budget? as you probably know, medicare only covers about 80% of your part b medical expenses. the rest is up to you. so consider an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like all standard
well, the whole fiscal cliff fight is supposed to be about cutting our ballooning debts. so why is the president not proposing a quarter trillion dollars in new spending? the question is also up next. plus, lindsey graham not missing words about the possibility of closing this prison camp and moving the prisoners here is michelle malcolm joins me live to discuss why he might not get his wish. and a desperate search effort. see why the young girl's mother is the prime suspect in removing her...
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Dec 7, 2012
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so it will be good for consumers. >> tom: we've been talking about the fiscal cliff but i think there is the holiday cliff which is that game of chicken between stores are they going have to discount closer to the holidays or are consumers going to spend the money that the stores are asking for right now. clearly another indication that stores perhaps maybe getting nervous now. >> susie: speak of green there was green on wall street today. >> tom: some buying on wall street. let's look at our market focus. better than expected data on first-time unemployment claims led to a choppy start for the s&p 500. after apple went positive in the 10:00 a.m. eastern time hour, so did the index. as tech stocks turned solidly higher, so did the market, finishing up a third of a percent. trading volume was moderate at 616 million shares on the big board; just over 1.7 billion on the nasdaq. the technology sector led the way, up eight tenths of a percent. the consumer discretionary sector added six tenths of a percent. the big tech names in the dow industrials weren't left out. intel had the biggest
so it will be good for consumers. >> tom: we've been talking about the fiscal cliff but i think there is the holiday cliff which is that game of chicken between stores are they going have to discount closer to the holidays or are consumers going to spend the money that the stores are asking for right now. clearly another indication that stores perhaps maybe getting nervous now. >> susie: speak of green there was green on wall street today. >> tom: some buying on wall street....
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Nov 29, 2012
11/12
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CNBC
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president obama and congress make positive comments about avoiding fiscal cliff. rio tinto plans to rein in spending by $7 billion over the next two years but still promises to beef up iron ore output. the bank of england governor prepares to unveil his financial stability report. and the search is on for the lucky winners of the power ball lottery as two tickets matched all the numbers in the record $580 million drawing. u.s. futures, dow jones trying to grab back the 13 thurks level by opening higher this morning. 68 points for the time being. nasdaq and s&p also give you sense of the sharp risk.morning. 68 points for the time being. nasdaq and s&p also give you sense of the sharp risk.opening. 68 points for the time being. nasdaq and s&p also give you sense of the sharp risk. global 300 up half a percent and we rarely see it move that much. ibex 35, up 1.3%. pretty much a mirror image of yesterday. even the cac 40 up better than 1%. xetra dax adding 0.7%. the ftse 100 up 0.9%. this one supported both by banks and by miners. rio tinto adding more than 4% this mo
president obama and congress make positive comments about avoiding fiscal cliff. rio tinto plans to rein in spending by $7 billion over the next two years but still promises to beef up iron ore output. the bank of england governor prepares to unveil his financial stability report. and the search is on for the lucky winners of the power ball lottery as two tickets matched all the numbers in the record $580 million drawing. u.s. futures, dow jones trying to grab back the 13 thurks level by...
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Nov 30, 2012
11/12
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the president will continue to push his message but is it time to reach a deal over the fiscal cliff? but the g.o.p. is not so keen on a deal, at least the one the white house presented yesterday. the first offer from president obama and treasury secretary timothy geithner included a $1.6 trillion tax increase along with an extension of the payroll answer it cut and unemployment insurance and a request for $50,000,000,000 worth of stimulus spending next year. now, it doesn't promise $400,000,000,000 worth of spending cuts but congressional republicans call the deal unbalanced and unreasonable and saying there is not enough spending cuts and reforms. the one good piece of -- piece of good news to the white house on this is it shows president obama is opening strong not conceding. we will be right back. arguments to feel confident in their positions. i want them to have the data and i want them to have the passion. but it's also about telling them, you're put on this planet for something more. i want this show to have an impact beyond just informing. an impact that gets people to take a
the president will continue to push his message but is it time to reach a deal over the fiscal cliff? but the g.o.p. is not so keen on a deal, at least the one the white house presented yesterday. the first offer from president obama and treasury secretary timothy geithner included a $1.6 trillion tax increase along with an extension of the payroll answer it cut and unemployment insurance and a request for $50,000,000,000 worth of stimulus spending next year. now, it doesn't promise...
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Dec 7, 2012
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. >>> now it's up to two men to try to keep america from going over the fiscal cliff. 25 days and counting from the massive tax hikes and spending cuts. congress breaking in a week for the holiday. so john boehner trying to simplify things. he's asking top democrats and republica republicans to step aside so he can negotiate with the president one-on-one. it seems to be a request that everyone was able to live with. brianna keilar is live for us at the white house. if this is the case that everybody has been cleared out of the room, does that surprise you? it seems to make sense to me. >> reporter: it's not surprising at all. this is what observers of this process thought would happen all along. ultimately this was a process that would come down to president obama and house speaker john boehner brokering a deal. very much the way you saw they attempted to do during the debt ceiling debacle last year. it simplifies the problem of less cooks in the kitchen. then they will have to sell it. president obama would have to bring in democrats. john boehner would have to bring in his republicans an
. >>> now it's up to two men to try to keep america from going over the fiscal cliff. 25 days and counting from the massive tax hikes and spending cuts. congress breaking in a week for the holiday. so john boehner trying to simplify things. he's asking top democrats and republica republicans to step aside so he can negotiate with the president one-on-one. it seems to be a request that everyone was able to live with. brianna keilar is live for us at the white house. if this is the case...
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Dec 4, 2012
12/12
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CNBC
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the entire scenario playing out is the fiscal cliff ends up being bullish no matter what. spending cuts makes bonds rise, yields fall and making stocks paradoxically even more attractive. they become the new bonds. >> alan, can you tell from option activity which way the markets are betting right now, presuming that not going over the fiscal cliff would be positive for stocks and going over the cliff would be negative? what's the market betting on right now? >> well, i won't even make that presumption because we don't focus on what the event is. we focus on how the market is going to react. the vix has increased a little over the last week or so, but it's still at a historically low level. i think i'm very encouraged by the price action we've seen where we made this bottom and followed through last week, which is key, and we're holding strong this week. i i think the key for the market is to follow the dollar. we're below 80. that can really add another boost to the markets over the longer term. that's positive for corporations to get some more growth out of this overall s
the entire scenario playing out is the fiscal cliff ends up being bullish no matter what. spending cuts makes bonds rise, yields fall and making stocks paradoxically even more attractive. they become the new bonds. >> alan, can you tell from option activity which way the markets are betting right now, presuming that not going over the fiscal cliff would be positive for stocks and going over the cliff would be negative? what's the market betting on right now? >> well, i won't even...
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Dec 1, 2012
12/12
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FOXNEWSW
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on this fiscal cliff issue. they put forward their proposal which has about $1.6 trillion in additional taxes, about $50 billion in stimulus spending, of course, here are. so numbers on your screen. met with laughter by michigan mcconnell senate minority leader said i didn't take this seriously. what was your take on this? >> i think mcconnell is right. this is not a serious proposal. the republics intimated that they might be willing to put some revenue on the table. and that's when the democrats basically said okay, then we want everything. it's not unlike the used car sales men or even the new car sales men who says i think we have got a deal. let me take the sales manager. then he comes back and says after we add the undercoating and that special paint and a dealer prep package, then it's going to cost you. this look, there is an old line that every person understands, when the teenage boy says if you just let me kiss you, that's all i want and that's the game the democrats are playing. look,. >> now you are
on this fiscal cliff issue. they put forward their proposal which has about $1.6 trillion in additional taxes, about $50 billion in stimulus spending, of course, here are. so numbers on your screen. met with laughter by michigan mcconnell senate minority leader said i didn't take this seriously. what was your take on this? >> i think mcconnell is right. this is not a serious proposal. the republics intimated that they might be willing to put some revenue on the table. and that's when the...
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Nov 29, 2012
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the deal is to avoid a series of tax increases, and spending cuts that many believe would be a fiscal cliff that would kick in on january the 1st. chief congressional correspondent mike emanuel is watching it all unfold on capitol hill. what do we know about the visit about the expectations for what might happen during it. >> reporter: martha, timothy geithner arrived here on capitol hill a short time ago to meet first with senate majority leader harry reid. we know he's having individual meetings with the top four leaders of congress. what republicans have said they want to hear, and republicans will be critical, because they need republican support to get any final fiscal cliff deal through the senate, and also through the house, they say they hope that he's coming with concrete spending cut ideas that are acceptable to the administration. one of the meetings today will be with senate republican leader mitch mcconnell who a short time ago sounded pretty fired up. >> the only reason democrats are insisting on raising rates is because raising rates on the so-called rich is the holy gr
the deal is to avoid a series of tax increases, and spending cuts that many believe would be a fiscal cliff that would kick in on january the 1st. chief congressional correspondent mike emanuel is watching it all unfold on capitol hill. what do we know about the visit about the expectations for what might happen during it. >> reporter: martha, timothy geithner arrived here on capitol hill a short time ago to meet first with senate majority leader harry reid. we know he's having individual...
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Dec 5, 2012
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will be will change completely because the fiscal cliff will be in effect and it is going to result in more than $500 billion in tax increases and spending cuts. so it could be hard to get the parties together in deciding how to change that in january. >> jean is following this very closely on cnnmoney.com. go there to get a good understanding of what this fiscal cliff is all about. thanks, jean. >>> word is that elizabeth warren, the brand-new senator-elect from massachusetts is angling to be appointed to the senate banking committee. i hope that happens. the consumer crusader is just what the committee needs. she was president obama's pick to run the newly created consumer finance protection bureau, which she designed, but republican senators on capitol hill refused to even consider confirming her. instead, they did their best to drive her out of town. >> so it has gone beyond your advice to treasury, you're also providing advice to other governmental agencies? >> congressman -- >> i understand, you can use the word congressman a number of times, miss warren, i'm simply asking a v
will be will change completely because the fiscal cliff will be in effect and it is going to result in more than $500 billion in tax increases and spending cuts. so it could be hard to get the parties together in deciding how to change that in january. >> jean is following this very closely on cnnmoney.com. go there to get a good understanding of what this fiscal cliff is all about. thanks, jean. >>> word is that elizabeth warren, the brand-new senator-elect from massachusetts is...
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. >> his demand involve spending increasing, no decreases, at least under the fiscal cliff we have some mandatory cutting, albeit disproportionately to defense spending but it's better than accepting obama's terms crammed down our throat. boehner needs to paint obama as the one who is holding the country hostage. he wants to talk about holding the middle class hostage? no it's him holding the entire country hostage and our kids hostage, with his krin call refuse ool to enter the entitlement reform game. >> wow, he is really bad. >> stephanie: yeah i can see why he didn't get the radio show. >> sheky. >> stephanie: that was so merrill osmond. >> merrill was kind of the leader. >> stephanie: i dove donnie. steve doocy. >> europe is great because they have wonderful food and runny cheeses, but we shouldn't base our policies on theirs because they are stinkers. >> we should base it on singapore where they have no unemployment, and they have a competitive market. that protects workers. >> stephanie: we should be like singapore? >> oh my god. holy crap. he is a bigger idiot than i thought. he
. >> his demand involve spending increasing, no decreases, at least under the fiscal cliff we have some mandatory cutting, albeit disproportionately to defense spending but it's better than accepting obama's terms crammed down our throat. boehner needs to paint obama as the one who is holding the country hostage. he wants to talk about holding the middle class hostage? no it's him holding the entire country hostage and our kids hostage, with his krin call refuse ool to enter the...
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getting past the fiscal cliff is an imperative. we are having a one-sided conversation. the republicans have put out a plan saying raise revenue from reach people, banseed, spending cuts, and that landed with a thud over in the white house, no response, and the president has yet to put out a balanced plan, and what we got is i want $1.6 trillion in tax revenue. give it to me. gerri: and rid of the debt ceiling. >> we've seen this movie before. no ceiling, give me the revenue, i'll spend it. now what? until cuts are in place, this doesn't make sense. gerri: i want to hear what ann coulter said about the debate. >> don't cave on everything, but republicans feed into what the media is telling america -- >> wait a minute, i want to understand. you are saying then for pr purposes, they should give into obama on the tax rate. >> not exactly. well, yeah, i guess i am -- >> you're saying obama, who is -- we don't have a revenue problem, ann. >> we lost the election, sean. gerri: what do you think of this? as a strategy, maybe it's the right thing? acknowledge that the american p
getting past the fiscal cliff is an imperative. we are having a one-sided conversation. the republicans have put out a plan saying raise revenue from reach people, banseed, spending cuts, and that landed with a thud over in the white house, no response, and the president has yet to put out a balanced plan, and what we got is i want $1.6 trillion in tax revenue. give it to me. gerri: and rid of the debt ceiling. >> we've seen this movie before. no ceiling, give me the revenue, i'll spend...
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he >> heather: lawmakers can reach a deal one month until the economy is set to go off the fiscal cliff. trading fire over looming tax hikes and spending cuts that threaten to plunge the economy into recession. affecting the lives of every single american. hello, everyone. i'm heather childers. welcome to another hour of america's headquarters. >> gregg: i'm gregg gregg jarrett. president obama is promoting his so-called balanced approach. republican leaders say the president's plan leaves the budget talks at a stand still. >> we've got some agreements about the high end tax cuts. republicans don't want to raise taxes on folks like me. i think i can pay a little bit more. >> they want to have this extra spending that's actually greater than the amount they're willing to cut. i mean, it was not a serious proposal. so right now we're almost nowhere. >> gregg: steve centanni has more. >> the two sides taking verbal pot shots, but not really coming to any kind of agreement adds the clock continues ticking. the president hit the road yesterday using a campaign style appearance in pennsylvani
he >> heather: lawmakers can reach a deal one month until the economy is set to go off the fiscal cliff. trading fire over looming tax hikes and spending cuts that threaten to plunge the economy into recession. affecting the lives of every single american. hello, everyone. i'm heather childers. welcome to another hour of america's headquarters. >> gregg: i'm gregg gregg jarrett. president obama is promoting his so-called balanced approach. republican leaders say the president's plan...
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twenty-six days until we fall off the fiscal cliff. is that what democrats want us to do? pictures seem so. we go live to capitol hill in 10 minutes. while congress talked about wanting to cut excess spending, the numbers may tell a different story. i will break it down coming up next. ally bank. why they have a raise your rate cd tonight our guest, thomas sargent. nobel laureate in econocs, and one of the most cited economists in the world. professor sargent, can you tell me what cd rates will be in two years? no. if he can't, no one can. that's why ally has a raise ur rate cd. ally bank. your money needs an ally. gerri: where would we be without senator tom coburn? without the oklahoma taxpayer dollars? this fellow brought us this image. your member this? the shrimp on on the treadmill. does anyone have? @%e national science foundation studying the effects on disease. they decided to do this, and they spend 500,000 taxpayer dollars doing this study. if you can get scientists to waste money, the senator is back with another study. this time uncovering waste of the departm
twenty-six days until we fall off the fiscal cliff. is that what democrats want us to do? pictures seem so. we go live to capitol hill in 10 minutes. while congress talked about wanting to cut excess spending, the numbers may tell a different story. i will break it down coming up next. ally bank. why they have a raise your rate cd tonight our guest, thomas sargent. nobel laureate in econocs, and one of the most cited economists in the world. professor sargent, can you tell me what cd rates will...
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on a new ad campaign to push for a fiscal cliff deal that includes more spending cuts and fewer higher taxes. >> so far he says more taxes. >> the truth is the white house deal did propose some $600 billion in healthcare and spending cuts. finally, secretary of state ken says he will investigate the state's voting problems. the republican in florida told the state ethics and elections committee he will dispatch a special team to investigate the five florida counties that had especially-long lines. right after it he defended florida's voting mess saying he had no regrets. wewewewewewewewewewewewewewewewewewewewewewewewewewewewewewe on to me now? you know the the kind of guys that do reverse mortgage commercials? those type. those types are coming on to me all the time now. >>> she get's the comedians laughing... >>>that hilarious. >>>and the thinkers thinking. joy>>>okay so. there's wiggle room in the ten commandments is what you're telling me? >>she's joy behar. joy>>>and the best part is that current will let me say anything. what the hell were they thinking? >>>> only on current tv.
on a new ad campaign to push for a fiscal cliff deal that includes more spending cuts and fewer higher taxes. >> so far he says more taxes. >> the truth is the white house deal did propose some $600 billion in healthcare and spending cuts. finally, secretary of state ken says he will investigate the state's voting problems. the republican in florida told the state ethics and elections committee he will dispatch a special team to investigate the five florida counties that had...
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the fiscal cliff, the thing we have continued to look at is our economy. today in the whip's office we will have small family-owned businesses in there and talk about ways to protect the family business, continue to grow while at the same time make sure we solve this fiscal cliff. look, each and every day as we walk the halls, you continue to ask the questions. you want the answers to solving the fiscal cliff. we put the offer on the table and the president now has to engage. the next 72 hours are critical. if he sits back and continues to play politics, that will give you the answer of where we're going. this is the opportunity for the country to lead and opportunity for the president to lead. >> as these fiscal cliff negotiations and debate continues, i think it's important to remember that washington doesn't have a revenue problem, it has a spending problem. and under this administration, under president obama, we have seen record deficits and a record debt accumulate, and yet he keeps demanding that we have seen record deficits and a record debt accumu
the fiscal cliff, the thing we have continued to look at is our economy. today in the whip's office we will have small family-owned businesses in there and talk about ways to protect the family business, continue to grow while at the same time make sure we solve this fiscal cliff. look, each and every day as we walk the halls, you continue to ask the questions. you want the answers to solving the fiscal cliff. we put the offer on the table and the president now has to engage. the next 72 hours...
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they're both accusing the other of pushing the nation toward the fiscal cliff. in fact republicans say democrats are driving us at high speed toward the cliff like "thelma & louise". intellectually we know it is likely democrats will agree to more spending cuts than they want. republicans will give on tax revenue. republicans say though will not raise tax rates treasury secretary geithner says they will have to. >> there is no path to an agreement, there does not involve republicans acknowledging that rates have to go up for the wealthiest americans. there is no way to raise a meaningful amount of revenue relative to the size of our fiscal challenges by limiting value of deductions to wealthiest americans. there is just not enough room there. >> reporter: geithner says he will believe there is an agreement because the alternative is unthinkable. time is running out as you point out, bill. bill: on a tenuous economy too. what are republicans say, wendell? >> reporter: john baker says they don't have a starting point with democrats refusing to say what spending cu
they're both accusing the other of pushing the nation toward the fiscal cliff. in fact republicans say democrats are driving us at high speed toward the cliff like "thelma & louise". intellectually we know it is likely democrats will agree to more spending cuts than they want. republicans will give on tax revenue. republicans say though will not raise tax rates treasury secretary geithner says they will have to. >> there is no path to an agreement, there does not involve...
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yet, here we are on the edge of this fiscal cliff. we're not sure what will happen. many people predicting we'll go over the cliff. if we go over the cliff and the automatic spending cuts take effect and the tax increases take effect, what do you think happens to the economy? >> well, at the brt meeting that you mentioned, where the president was nice enough to come over, the question was asked, if we go over the fiscal cliff, how many businesses in this room will reduce capital investment? remember, i just said -- and it's very demonstrable that capital investment is what drives gdp growth rate and job creation. that tells a story right there. if we go across the fiscal cliff, we will have an economic contraction or slow down at best. >> how are things looking right now ahead of the holidays? i'm sure your company is real busy, fedexing gifts. what are your expectations for this holiday season? >> well, you know, the 300,000 wonderful teammates of fedex are working very hard. we publicly forecast a couple weeks ago that on the 10th we would move 19 million shipments
yet, here we are on the edge of this fiscal cliff. we're not sure what will happen. many people predicting we'll go over the cliff. if we go over the cliff and the automatic spending cuts take effect and the tax increases take effect, what do you think happens to the economy? >> well, at the brt meeting that you mentioned, where the president was nice enough to come over, the question was asked, if we go over the fiscal cliff, how many businesses in this room will reduce capital...
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going over the fiscal cliff will actually help america. he's going to make his case, very bold statement there, to someone whose company will be decimated by the spending cuts to defense companies. you do not want to miss this confrontation. ricans are alwayso work hard for a better future. since ameriprise financial was founded back in 1894, they've been committed to putting clients first. helping generations through tough times. good times. never taking a bailout. there when you need them. helping millions of americans over the centuries. the strength of a global financial leader. the heart of a one-to-one relationship. together for your future. ♪ >>> pretty clear apple stock is having its worst week in more than two years. let's get to bertha coombs with the details. >> tough end of the week ear. it's apple's horrible, awful week. today's decline saw shares hit a real technical weak point, the so-called death cross. that's where the 50-day moving average, the top line in yellow, crossed below the orange line. that's the 200-day moving
going over the fiscal cliff will actually help america. he's going to make his case, very bold statement there, to someone whose company will be decimated by the spending cuts to defense companies. you do not want to miss this confrontation. ricans are alwayso work hard for a better future. since ameriprise financial was founded back in 1894, they've been committed to putting clients first. helping generations through tough times. good times. never taking a bailout. there when you need them....
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why not go over the fiscal cliff where you get both of those? i think that's where we are headed, david, unfortunately. david: bill beach, director of heriiage foundation director of for analysis. good to see you again. liz: right before the holidays, citi cutting costs and 11,000 jobs with it. that number could go up even more. liz macdonald has all the breaking details exclusively here on fox business. but when i was in an accident... i was worried the health care syst spoke a language all its own with unitedhealthcare, i got help that fit my life. i never missed a beat. that's health in numbers. unitedhealthcare. ♪ [ male announcer ] they are a glowing exple of what it means to be the best. and at th special time of year, they shine evebrighter. come to the winter event and get the mercedes-benz you've always wished for, now for an exceptional pric [ santa ] ho, ho, ho, ho! [ male announcer ] lease a 2013 glk350 for $399 a month at your local mercedes-benz dealer. liz: the third largest u.s. bank announcing it will cut 11,000 jobs in an eff
why not go over the fiscal cliff where you get both of those? i think that's where we are headed, david, unfortunately. david: bill beach, director of heriiage foundation director of for analysis. good to see you again. liz: right before the holidays, citi cutting costs and 11,000 jobs with it. that number could go up even more. liz macdonald has all the breaking details exclusively here on fox business. but when i was in an accident... i was worried the health care syst spoke a language all...
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>> that's exact right. >> we are here right now, this republican, you know, fiscal cliff because they forced us to be here because they wouldn't do the responsible thing in 2011. >> exactly. look, we are here because the republicans did what no family may america would do, they took out the credit card. they put expenses on that credit card and decided we don't want to pay what we owe. these were their decisions. history is interesting but it's not going to get us away from this cliff. what will is pass the petition now. we can argue history later. give the middle class a break get the 218 signatures. there is not a single middle class american who will have to worry about whether they will have the money in their pay checks on january 1st to pay for the holiday gifts they bought in december. >> i know you have to go but there is one thing i would love to get your comment on, republicans are insisting what they call entitlesment reform, which we know means gutting social security has to be on the table as well. there are some strong voices for not touching social security. i would lik
>> that's exact right. >> we are here right now, this republican, you know, fiscal cliff because they forced us to be here because they wouldn't do the responsible thing in 2011. >> exactly. look, we are here because the republicans did what no family may america would do, they took out the credit card. they put expenses on that credit card and decided we don't want to pay what we owe. these were their decisions. history is interesting but it's not going to get us away from...
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look, i'm as aggravated as you are about the lack of progress over the fiscal cliff. is there progress? is there no progress 123 are the democrats giving? have they given? the only thing given that i know is the tablet. that's what i want to spend a moment on while we bemoan is the farce that is washington. one of the worst aspects of this era where we have to hang on the word of every people who frankly aren't actually trying to make us any money, and if anything want to take it from us, is there are companies doing amazing things, soen in the interests of reminds us some companies are doing great things that can make you money, i want to celebrate the products of three terrific companies as well as their stocks, because after all this is "mad money," not mad tablets. first one of my favorses is the column that consequence taply amazes me, david pentagon, the "new york times" writer who opines brilliantly in a can't-miss column about tech products. i love this guy. today's product starts several enough, a segment of an npr-call-in seg meant that he was going to offer
look, i'm as aggravated as you are about the lack of progress over the fiscal cliff. is there progress? is there no progress 123 are the democrats giving? have they given? the only thing given that i know is the tablet. that's what i want to spend a moment on while we bemoan is the farce that is washington. one of the worst aspects of this era where we have to hang on the word of every people who frankly aren't actually trying to make us any money, and if anything want to take it from us, is...
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there is a real danger of going off the fiscal cliff. >> we are not going to kick the can down the road. we're going to finalize this this year. this is no time for delay. the american people want us to avoid the fiscal cliff with a balanced approach. liz: he said, he said. good afternoon, everybody. i am liz claman, "countdown to the closing bell" starts right now. you heard it from the horses mouth. and it has gyrated the market. john boehner said no substantial progress on fiscal cliff debt deal while harry reid insists we democrats are on track and will finalize it this year. even chuck schumer weighed in saying progress is being made on the hill and the next is a taste oversensitive. take a look at the intraday, you can see how it was jerked around today. right around 11:30 a.m., speaker john maye -- john boehner spoke. the buyers poured in, the short time later chuck schumer came in. now we are trading near the highs of the day. the dow jones dust they stop 77 points, 45 to the upside. all 10 s. and p. sectors are jumping with technologies leading the way. research in motion a big
there is a real danger of going off the fiscal cliff. >> we are not going to kick the can down the road. we're going to finalize this this year. this is no time for delay. the american people want us to avoid the fiscal cliff with a balanced approach. liz: he said, he said. good afternoon, everybody. i am liz claman, "countdown to the closing bell" starts right now. you heard it from the horses mouth. and it has gyrated the market. john boehner said no substantial progress on...
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the fiscal cliff potentially sending the economy into recession. the fear of the cliff. is that putting a veil over your eyes and pretending you seeing good news that could make better trades for your portfolio? you need to see the forest for the trees. to help do that, liz saunders in a fox business exclusive, charles schwab's vice president and chief investment strategist. what is the biggest mistake that the investor is making right now as it pertains to navigating that very rocky fiscal cliff landscape? >> they are trying to trade around perceived outcomes. that is fairly treacherous. we don't get a sense that a lot of investors are doing that -- [talking over each other] liz: there were buying in on the dips because they are trading around he headlines. >> there's a lot of tax related strategy happening right now, many of which make a lot of sense, but i have asked the question of loss, what would you put money on a particular outcome? i wouldn't. that is a dangerous strategy. >> one scenario could be as damaging as another. we can gain that at this point, what shou
the fiscal cliff potentially sending the economy into recession. the fear of the cliff. is that putting a veil over your eyes and pretending you seeing good news that could make better trades for your portfolio? you need to see the forest for the trees. to help do that, liz saunders in a fox business exclusive, charles schwab's vice president and chief investment strategist. what is the biggest mistake that the investor is making right now as it pertains to navigating that very rocky fiscal...
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that is the fiscal cliff. we shouldn't be dealing with other issues that are long term in order to avert the cliff as it were. that is immediate crisis. we have long term situation --. bill: but you know when lawmakers get a little bit of rope, you know, when they get time to think about it and push it off to the next year, it never gets done. this budget proposal, there are many who wonder whether or not even democrats could support it. the last budget that came from the white house went to the senate, it went 98-0 against it. no one voted for it. melissa: well, that was kind of a tricky parliamentary issue as well but, i do take issue with one thing, the idea we haven't dealt with entightments. we had two years, a year and a half we debated medicare. we made significant changes in medicare. we just had a campaign which republicans including governor romney time after time after time charged that we had cut $616 billion in spending out of medicare and we reformed the program. we have looking toward new ways t
that is the fiscal cliff. we shouldn't be dealing with other issues that are long term in order to avert the cliff as it were. that is immediate crisis. we have long term situation --. bill: but you know when lawmakers get a little bit of rope, you know, when they get time to think about it and push it off to the next year, it never gets done. this budget proposal, there are many who wonder whether or not even democrats could support it. the last budget that came from the white house went to...
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cliff. decisions about taxes and spending are extremely important especially when we are adding $300 billion a day to our debt but the constant bickering of dueling politicians on both sides of the aisle, the endless kicking of the can, the brinkmanship as we approach that disaster is making all americans angry. i think you turned off and tuned out and i don't blame you. who can sit still and watch our country dragged into ruinous-and not be a little frustrated? as i said many times i came here from europe 40 years ago and instantly felt the warm embrace of a truly generous and free society and now i see america galloping down the european road. we have already reached european levels of debt and our leaders give as political pablum. we deserve better than this. the other night i left the fiscal cliff behind and took a walk through new york city. it was great. the lights, the christmas tree, rockefeller center, crowds of people with their children. was such a switch. "varney and company" wil
cliff. decisions about taxes and spending are extremely important especially when we are adding $300 billion a day to our debt but the constant bickering of dueling politicians on both sides of the aisle, the endless kicking of the can, the brinkmanship as we approach that disaster is making all americans angry. i think you turned off and tuned out and i don't blame you. who can sit still and watch our country dragged into ruinous-and not be a little frustrated? as i said many times i came here...
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it's because the company blamed the fiscal cliff for its dramatically lower fiscal fourth quarter guidance which has sent the stock plummeting. it was down as much as 20% earlier today. the ceo joe kennedy says advertisers are being particularly cautious about spending in january which is included in pandora's fiscal fourth quarter. >> we did reduce guidance. i think it is very prudent because of this unique situation we have in which we're sensitive to the mix of ad spend in january as opposed to february and march. >> now, the last time pandora's stock dropped this much in one day was back in october on reports of apple preparing to launch a streaming music service. wall street analysts are keeping an eye on those very tough competitive issues as well as the fact that pandora spends over half its revenue on music licensing fees. the c.o.o. says he thinks the company is on good track and points to its mobile growth. though, investors do seem skeptical. brian. >> julia, thank you very much for that. we're going to leave it there. running a little short on time. is pandora's plunge a big bu
it's because the company blamed the fiscal cliff for its dramatically lower fiscal fourth quarter guidance which has sent the stock plummeting. it was down as much as 20% earlier today. the ceo joe kennedy says advertisers are being particularly cautious about spending in january which is included in pandora's fiscal fourth quarter. >> we did reduce guidance. i think it is very prudent because of this unique situation we have in which we're sensitive to the mix of ad spend in january as...
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cuts that would come at the end of the year if we go over the fiscal cliff. the white house saying they don't expect we will. they still hope it can be prevented, but they have to start planning. also, speaker of the house john boehner meeting with small business leaders on capitol hill where he reiterated some of his key points. again, just within the past hour. take a listen. >> business owners with us today are here to highlight president obama's demand to raise tax rates instead of cutting spending. his plan will hurt nearly 1 million small businesses around our country. that will affect hundreds of thousands of jobs. >> reporter: and guys, there are republicans here on capitol hill who are urging the speaker to cut a deal with the president. i talked to one of the earliest republicans to say, you know what, let's take a the president up on his offer to extend the bush tax cuts for everybody under $250,000 and at least take that uncertainty off the table and then continue to negotiate the rest to have later. some of the republicans are now coalessing arou
cuts that would come at the end of the year if we go over the fiscal cliff. the white house saying they don't expect we will. they still hope it can be prevented, but they have to start planning. also, speaker of the house john boehner meeting with small business leaders on capitol hill where he reiterated some of his key points. again, just within the past hour. take a listen. >> business owners with us today are here to highlight president obama's demand to raise tax rates instead of...
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lauren: with all the uncertainty surrounding fiscal cliff should you invest differently right now? david: one economist says investors have to look beyond the fiscal crisis. we have senior economist at oppenheimer fund joins us now. more than that, what you say you've got the perfect split. -p60/40, 60 being equities and 40 being dot, dot, dot, something else. how do you devise, some people are gold bugs say it is all gold. cash bugs, say you have to be flexible, keep it in cash. how do you divide the 40% not in equities? >> first of all we took a step back and looked how investors allocated portfolio. there is generally 60/40 split between stocks and bonds but 60% predominantly in domestic ex-quits and 40% in high grade economic instruments. david: none is in the cash. >> cash, government relate the ed securities. if you look at 40%, that might have made sense 30 years ago when yields on treasurys were siinificantly higher and inflation was falling for a 30-year time period. if you look at it yields are paltry. what do you need to do? we talk about allocating exposure to higher yi
lauren: with all the uncertainty surrounding fiscal cliff should you invest differently right now? david: one economist says investors have to look beyond the fiscal crisis. we have senior economist at oppenheimer fund joins us now. more than that, what you say you've got the perfect split. -p60/40, 60 being equities and 40 being dot, dot, dot, something else. how do you devise, some people are gold bugs say it is all gold. cash bugs, say you have to be flexible, keep it in cash. how do you...
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i know the speaker as well as i do not want to see us go over the fiscal cliff, but feel very strongly we've got to get serious here. we don't want to increase tax rates. we're not going to increase tax rates. and we want to do something about the spending problem. and remember, the good will, the piece that is, i think, determinive here, the speakers put new revenues on the table just after the election and said we get it. the president won his re-election. we wonelection. >> they know they need to put revenant on the table, but will and give them the entitlement cuts? >> we will take this as a serious matter. this is not a game. we are interested in trying to solve the problem for the american people so that we do not see taxes go up on anybody, so we can engage in reform, get the economy going again. we're not playing a game. that offer yesterday was not serious. thank you. >> that was a portion of a briefing held earlier today. eric cantor talked about a bill that the house pass today that creates a new visa program. the vote was 245-139. the house is adjourned for the week, but me
i know the speaker as well as i do not want to see us go over the fiscal cliff, but feel very strongly we've got to get serious here. we don't want to increase tax rates. we're not going to increase tax rates. and we want to do something about the spending problem. and remember, the good will, the piece that is, i think, determinive here, the speakers put new revenues on the table just after the election and said we get it. the president won his re-election. we wonelection. >> they know...
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cliff" deal. house speaker john boehner came out of his meeting with the treasury secretary demanding the white house get serious about spending cuts. >> no substantive progress has been made in the talks between the white house and the house over the last two weeks. >> reporter: if a compromise isn't reached soon, automatic tax hikes and steep budget cuts will kick in january 1. geithner moved from one end of the capitol to the other encouraging lawmakers to sign off on an extension of middle class tax cuts now. democrats say their position is clear and they want a serious offer from republicans. >> the american people want us to avoid the "fiscal cliff" with a balanced approach. >> reporter: geithner is here in the halls of congress trying to clear some big hurdles with republicans. once a deal is closer president obama will take over the talks. so far independent senator joe lieberman is not encouraged. >> if we go over the cliff it's going to send the country back into recession. >> reporter:
cliff" deal. house speaker john boehner came out of his meeting with the treasury secretary demanding the white house get serious about spending cuts. >> no substantive progress has been made in the talks between the white house and the house over the last two weeks. >> reporter: if a compromise isn't reached soon, automatic tax hikes and steep budget cuts will kick in january 1. geithner moved from one end of the capitol to the other encouraging lawmakers to sign off on an...